Wachovia + A. G. Edwards Raises Retail Stakes; Payoff is Risky

June 5, 2007

A. G. Edwards (AGE) has agreed to be acquired by Wachovia Securities, a larger broker/dealer and an affiliate of Wachovia Corporation (WB) for $6.8 billion. This deal continues the concentration of the retail brokerage marketplace into the top five firms. What time will tell is whether or not Wachovia can expand the combined market share of the two firms after the deal closes.

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